Pound loses almost a cent and half after BoE comments, will Sterling continue to struggle this year? (Joseph Wright)

Sterling tumbled against most major currency pairs today, and especially against safe haven currencies such as the Swiss Franc.

The Pound dipped as soon as it was announced that interest rates will remain unchanged and the voting pattern has become less bullish in favour of a rate hike, as inflation levels have eased slightly in recent weeks.

The Bank of England also adopted a cautious tone and cut its growth forecast for the UK economy in 2017 from 1.9% down to 1.7%.

Mark Carney, a very important figure as he’s the governor of the Bank of England also warned of the risks of Brexit, and said that some tightening of monetary policy would be necessary in the next three years and that three interest rate hikes would likely be insufficient to deal with the effects of inflation.

It appears that there is some support for the Pound around 1.27 so we’ll see where the pair go from here, and it’s worth noting that the current Pound to Euro exchange rate is sitting around a 9-month low.

There is no data out of the UK or Switzerland tomorrow so the pair are likely to be driven by sentiment, and if you would like to discuss an upcoming currency requirement between the two do feel free to get in touch.

If you have a currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on jxw@currencies.co.uk and I will endeavour to get back to you as soon as I can.